Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD, and demand for cloud-based cybersecurity solutions drive the growth of the global cybersecurity market. According to the report, the global cyber security industry generated $149.67 billion in 2019, and is estimated to garner $304.91 billion by 2027, witnessing a CAGR of 9.4% from 2020 to 2027.
Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD, and demand for cloud-based cyber-security solutions drive the growth of the global cyber security market. However, budgetary constraints and complexities involved in the security of devices hinder the market growth. On the other hand, surge in adoption of mobile device applications and platforms, requirement for strong authentication methods, and transformation of the traditional antivirus software industry present new opportunities in the coming years.
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Impact of Covid-19 on Cyber Security Market:
• The number of cyber-attacks has been increased during the lockdown as many organizations adopted the work from home strategy. So, the need to implement cybersecurity for addressing security issues and facilitating secured access increased considerably.
• The attacks on hospital data, healthcare apps, and wearable have been increased as the volume of patient data increased. The need to secure and authenticate data in healthcare organizations surged.
• There has been a rise in the Covid-19-related phishing and ransomware attacks. This is due to the utilization of Covid-19 as bait to lead brands astray and attack their websites and apps.
• Cybersecurity providers have been focusing on innovations and development of advanced solutions by including features such as cloud security & AI-integrated solutions to deal with new types of viruses and ransomware used by attackers.
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The on-premises segment held the largest share in 2019, contributing to more than half of the global cyber security market, and is expected to maintain its dominant share during the forecast period. This is due to rise in need to secure critical data and track the influx of data within the organization. However, the cloud segment is estimated to manifest the highest CAGR of 11.2% from 2020 to 2027, owing to lack of capital cost and low maintenance cost.
North America contributed to the highest market share in 2019, accounting for nearly one-third of the total share of the global cyber security market, and will continue to lead by 2027. This is attributed to presence of major key players, high ICT spending, and huge number of cyber-attacks on various enterprises. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.0% during the forecast period, owing to adoption of wireless & mobile devices, rise in cyber-crimes, increase in awareness regarding data security, and strict security standards & government policies.
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Leading market players
Accenture (NYSE: ACN)
F5 Networks Inc.
HCL Technologies Limited
IBM Corporation (NYSE: IBM)
Infosys Limited (NYSE: INFY)
L&T Technology Services Limited
PwC International Limited Broadcom Inc.
Tata Consultancy Services
Tech Mahindra Limited
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